A patient chooses to pay with the electronic yuan at a self-service machine at the Yiwu Central Hospital on June 2. [Photo/zgyww.cn]

People in Yiwu have been able to pay at the Yiwu Central Hospital using electronic yuan since June 2.

This is the first time the electronic yuan has been applied at medical institutions in central Zhejiang province.

The electronic yuan, or e-CNY, is the digital version of fiat currency issued by China's central bank and operated by authorized agents. It is a value-based, quasi-account-based, and account-based hybrid payment instrument with legal tender status and loosely covered account linkage.

Huang Hongbin, vice president of the Yiwu Central Hospital, said that the application of e-CNY for payment at medical institutions can not only broaden payment channels to provide more choice for patients, but also improve the security of payment.

Huang added that the hospital will promote e-CNY payment services in more scenarios such as online consultations and inpatient checkout, aiming to further improve its services.

The central government and its departments attach heavy importance to the development of the digital currency. They have introduced a series of preferential policies for e-CNY and included it in the 14th Five-Year Plan (2021-25). They have also urged governments at all levels to start testing the digital currency, with the aim of expanding its coverage and assessing its impact on the country's monetary policy and financial system, and, if need be, improving the digital currency's operations.